Expect ‘3 R’s’ in Oil & Gas in 2017: More Restructurings, More Realignment, Some Rebuilding
Feb01

Expect ‘3 R’s’ in Oil & Gas in 2017: More Restructurings, More Realignment, Some Rebuilding

Though the overall outlook for the oil and gas industry doesn’t seem to be quite as dire as it was a year ago, 2017 is likely to be a year of “3 R’s” for industry players — a year of more restructurings, more realignment via mergers and acquisitions, and, for some players that take the right actions, finally a year of rebuilding. That’s according to a new study released today by AlixPartners, the global business-advisory firm. The...

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Europe preparing for biggest Iran oil imports
Jan30

Europe preparing for biggest Iran oil imports

Market figures show Europe is preparing to import the highest amount of crude oil from Iran in five years this month. Figures released by Bloomberg show that arrivals on supertankers will reach 622,581 barrels a day in January, the biggest flows for a single month since at least November 2011. Bloomberg said two Iranian supertankers — Huge and Snow – were already en route to Europe, bringing about 4 million barrels between them....

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Tankers to benefit from additional Chinese oil import demand says shipbroker
Jan10

Tankers to benefit from additional Chinese oil import demand says shipbroker

Decline in Chinese crude oil production According to CR Weber, “Chinese crude oil production has dropped sharply in 2016 from 4.25million b/d in December 2015 to 3.8million b/d in October, which was a seven‐year low. It recovered to 3.93million b/d in November but we are presently anticipating an estimated number of around 2,437,000 tons of domestic crude exports for China for 2016, down 77% from their 2000 exports. Aging oil fields...

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How the US war on piracy brought one Somali to a West Virginia prison
Jan06

How the US war on piracy brought one Somali to a West Virginia prison

Mohamed Hassan Farah, a Somali in US federal prison, has little in common with the 19th-century seafarer Thomas Smith besides the fact that they are among the few people to be convicted of piracy on the high seas in a US court. While Smith and 13 of his crewmates were hanged in 1820 for boarding and pillaging 30 vessels in three months – including one by the name of Irresistible – Farah is expected to be handed a life sentence in a...

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ArgusMedia Viewpoint: Americas crude tankers sag to extend
Jan05

ArgusMedia Viewpoint: Americas crude tankers sag to extend

Crude tankers scheduled for delivery at the beginning of the year will meet anticipated lower crude output from Opec producers, whose 1.2mn b/d cut agreement goes into effect starting January, potentially extending a trend of freight cost drops for dirty tankers in the Americas. Key spot rates reached multi-year lows in the summer of 2016. “2017 will see lower returns [for shipowners] than in 2016, but estimates of $20,000/d...

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Dry Bulk Market Needs Zero Fleet Growth To Recover This Year Says BIMCO In Its Annual Estimate
Jan04

Dry Bulk Market Needs Zero Fleet Growth To Recover This Year Says BIMCO In Its Annual Estimate

The shipping market in 2016 and looking forward The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. 2017 will see another year of die-hard competition, which now includes tankers. In 2016, the container shipping industry bit the bullet in terms of demolition and consolidation to help the market to recover. The dry bulk...

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Kuwait’s crude oil exports to China up 13.4 percent
Jan02

Kuwait’s crude oil exports to China up 13.4 percent

Kuwait’s crude oil exports to China in November grew 13.4 percent from a year earlier to 1.21 million tons, equivalent to about 297,000 barrels per day (bpd), official data showed. In the January-November period, Kuwait exported 325,000 bpd to the world’s second-largest oil consumer, up 16.8 percent on the year, according to data released by the General Administration of Customs. China’s overall imports of crude oil in November rose...

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Oil Spill Management Market Analysis By Technology
Dec29

Oil Spill Management Market Analysis By Technology

The global oil spill management market size is expected to reach USD 125.62 billion by 2022, according to a new report by Grand View Research, Inc. Increasing oil spill incidents since the past five years coupled with stringent safety and environmental regulations are expected to remain key driving factor for global oil spill management market. In addition, increasing seaborne and pipeline transportation of crude oil and chemicals...

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